Northern Ireland-based contractor blames knock-on effects of 鈥榤ajor contractor collapse鈥� and failure of a JV partner
Graham Group, the privately-owned Northern Ireland-based contractor, has reported an 18% dip in annual pre-tax profit.
It is the second year in a row the firm has posted a decrease in its profit.
Despite reporting a 36% hike in turnover 鈥� to 拢768m 鈥� for the year to the end of March 2018 the firm said margins had been hit by what it called 鈥渢he knock-on effects of a major contractor collapse鈥�, thought to be Carillion, and the collapse into administration of an unnamed joint venture partner.
Graham Group had been in a joint venture with Lagan Construction Group, working on a 拢100m project to redevelop Green Port Hull for Associated British Ports. Lagan Construction Group was one of four Lagan-related companies which went into administration in February this year.
Despite the profit dip the firm鈥檚 executive chairman Michael Graham (pictured) said it was 鈥渁t a level that the board is happy with following a year of extraordinary investment in the business鈥� and what he called 鈥渋ssues in the wider industry鈥�.
Recent projects completed include a 拢113m student accommodation scheme for York University, while the group has been appointed to a number of frameworks including the Department for Work & Pensions and the 拢750m Clyde Commercial Framework.
The group employs around 2,000 staff operating from 17 offices across the UK and Ireland. It opened offices in Leeds and Liverpool during the year.
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